Firestone – Johnson City, TN

$4,287,183
Price
N/A
Noi
Market
Cap Rate
6981
Leasable Area
2021
Year Built

Fortis Net Lease is pleased to present this brand new 6,981 SF. Firestone Complete Auto Care store located in Johnson City, Tennessee. This property will offer a brand new Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 5% rental rate increases every 5 years during the primary term and including each of the five (5 year) option to renew. The store is currently completing construction with rent on-track to commence in December of 2021.

This Firestone store is highly visible as it is strategically positioned just off of the I-26exit, which sees 68,479 cars per day, on the hard signalized corner of Canary St. and N Roan St., which sees 25,073 cars per day. East Tennessee State University sits only 2.5miles away. An outparcel of the Roan Centre shopping strip, the site is in a dense retail hub and only 1/2 mile from The Mall at Johnson City (which gets over 4 million visits/year). Some of the major retailers surrounding this site include Target, AMC Theatre, Books-A-Million, Belk, Dick’s, Kroger, Gabes, and Dollar Tree. The five mile population from the site is 78,612 while the one mile average household income is $73,991 per year, which is ideal for a Firestone. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Firestone. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant.

INVESTMENT HIGHLIGHTS
• Absolute NNN 15 Year Lease | Zero Landlord Responsibilities
• 5% Rental Rate Increase Every 5 Years
• Income Tax Free State! | Upgraded Elevation
• Part of the Tri-Cities Region with Johnson City being Strongest
• Hard Signalized Location | Just off the I-26 Exit
• Located in Dense Retail Hub near The Mall at Johnson City (4MVisits/year)
• 5 (5 Year) Options | 5% Rental Increase At Each Option
• One Mile Household Income $73,991
• Five Mile Population 78,615 | Expected 2.09% Growth
• 25,073 Cars Per Day on N. Roan St. | 68,479 Cars Per Day on I-26
• 2.5 miles from East Tennessee State University (15,500 Students)

Instate Broker of Record: Brian Brockman | Bang Realty, Inc.

CONTACT US REGARDING THIS LISTING

BRYAN BENDER

Partner

Ben Schultz

Senior Director

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OFFERING MEMORANDUM